Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) began the day by showing signs of recovery. This led to the altcoins following their cues and posting gains as well, with Pudgy Penguins (PENGU) rallying by 7% in 24 hours.

In the news today:-

• South Korea is considering new rules that would force crypto exchanges to compensate users for hack-related losses, matching liability standards applied to banks. The move follows a $30 million breach at Upbit, accelerating efforts to tighten oversight of major trading platforms.
• BPCE, France’s second-largest banking group, will begin offering Bitcoin, Ether, Solana, and USDC trading directly in its retail banking apps. The rollout starts Monday for about 2 million customers and will expand across all 12 million clients by 2026.

The Crypto Market Is Holding On

The total crypto market cap rose by only $2 billion in the past 24 hours, reaching $3.01 trillion. TOTAL remains above the key $3.00 trillion support level, which continues to anchor broader market stability.

If this psychological support holds, TOTAL could move higher and break above $3.05 trillion. This would push TOTAL to target $3.09 trillion and potentially $3.16 trillion as momentum builds across major assets.

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Total Crypto Market Cap Analysis. Source: TradingView

However, if bullish sentiment weakens and TOTAL loses the $3.00 trillion floor, the market may retrace toward $2.93 trillion. A drop to this level would invalidate the bullish thesis and signal renewed downside pressure.

Bitcoin Is Yet To Pick A Direction

Bitcoin’s price has remained largely unchanged in the past 24 hours, trading at $89,254 despite brief intra-day volatility. The crypto king continues to struggle beneath the $90,401 resistance level, which has capped upward movement throughout the week.

A shift in momentum will depend on stronger investor support. If buyers step in, Bitcoin could reclaim $90,401 as support and advance toward $95,000 in the coming days, marking a potential recovery from recent stagnation.

Bitcoin Price Analysis. Source: TradingView

However, if weekend trading turns bearish, Bitcoin may retreat toward the $86,822 support level. A breakdown below this threshold would invalidate the bullish thesis and expose BTC to deeper downside risk.

Pudgy Penguins Jump on the Charts

PENGU price is up 7% in the last 24 hours, making it the day’s strongest altcoin. The token is trading at $0.0114 after bouncing off the $0.01065 support level. This remains a key zone for maintaining upward momentum.

The broader market is not signaling strong bearish pressure, increasing the likelihood of continued gains for PENGU. If bullish sentiment holds, the altcoin could rise toward $0.01202 and potentially extend the move to $0.01297 as investor confidence grows.

PENGU Price Analysis. Source: TradingView

However, if sellers take control, PENGU could retrace back to $0.01065. Losing this support may trigger a deeper decline toward $0.01019 and possibly $0.00938. This would invalidate the bullish outlook.